President Trump announces a new wave of tariffs for heavy trucks, pharmaceuticals, and upholstered furniture: On 25 September, President Trump posted on Truth Social that starting 1 October a new round of tariffs will be imposed on the following products:
Heavy trucks: 25% duties
Kitchen cabinets and vanities: 50% duties
Upholstered furniture: 30% duties
Branded pharmaceuticals: 100% duties
We do not believe this will impact PMMI members directly.
The Department of Justice’s opening brief to the Supreme Court’s IEEPA case aims to overturn decisions by lower court rulings: DOJ’s opening brief to the Supreme Court states, “The power to ‘regulate importation’ plainly encompasses the power to impose tariffs” and that lower court rulings are “textually incoherent” and legally “incorrect.” The lower courts previously ruled duties could not be “unbounded in scope, amount, and duration.” The hearing is scheduled for 5 November 2025.
Status of US Bilaterial Negotiations and Discussions: Please see the chart below for the latest on how certain countries are engaging with the United States in effort to reduce reciprocal tariffs and conclude bilateral deals.
Trade Policy Actions by Other Countries
EU continues to accelerate FTAs: On Tuesday, 23 September, the EU Commission announced the EU and Indonesia signed a Comprehensive Economic Partnership Agreement (CEPA) signaling the EU will continue to expand trade opportunities beyond the U.S. The agreement will eliminate over 98% of tariffs and will remove nearly all barriers to trade between the countries.
WTO Public Forum includes questions about the WTO’s future: On 22 September, the WTO’s Director-General Ngozi Okonjo-Iweala acknowledged the global trading system has been “heavily disrupted” by recent trade actions while contending it has proven resilient overall. Officials and stakeholders are awaiting a clearer sense of how the U.S. intends to engage the institution.
